SkyPower Signs US $2.2 Billion Agreement to Develop and Build 1 GW of Solar Energy Projects in Kenya

Jul 26, 2015, 08:29 ET from SkyPower Services ULC

NAIROBI, Kenya, July 26, 2015 /PRNewswire/ - SkyPower, the world's largest developer and owner of utility-scale solar photovoltaic (PV) energy projects, today signed a landmark agreement with the Kenyan Ministry of Energy and Petroleum for the development of 1 GW of world-class solar projects to be built in four phases in Kenya over the next five years.

The monumental US $2.2 billion agreement was signed in Nairobi, Kenya at the sixth annual Global Entrepreneurship Summit (GES). Initiated by the U.S. government in 2010, the conference gathers entrepreneurs at all stages of business development, business leaders, mentors and high-level government officials to help increase support for innovators and job creators around the world.

GES 2015 hosted an unprecedented convention of high-level leaders from around the globe, including U.S. President Barack Obama and H.E. Uhuru Kenyatta, President of the Republic of Kenya. SkyPower proudly sponsored the summit as an official Solar Energy Partner.

"Kenya has become an African hub for innovation and entrepreneurship, and SkyPower is proud to contribute to this unprecedented milestone in Kenya's ambitious renewable energy plan," said SkyPower President and Chief Executive Officer Kerry Adler. "SkyPower's solar projects will help Kenya realize its electrification goals, support the development of the country's renewable energy industry and help the development of strong communities, generating a brighter future for all."

"We are very pleased to work with a world-leader in solar energy like SkyPower," said Henry Rotich, Cabinet Secretary of the Kenyan Ministry of Energy and Petroleum. "Sustainable electrification is a central policy issue in Kenya, and we are committed to making this a reality for our citizens, while accelerating economic growth in the process."

"SkyPower's US $2.2 billion investment will create more than 25,000 total job years in Kenya and includes 200 MW of fabrication and assembly facilities, as well as a commitment of US $173 million toward education, training, and research and development," said SkyPower Executive Vice President Charles Cohen.

SkyPower has a long history of working closely with local communities to produce hundreds of millions of kilowatt hours (kWh) of clean electricity every year, while ensuring that those closest to the developments reap the rewards of new jobs, education, skills training and accessible energy.

ABOUT SKYPOWER 
www.skypower.com

SkyPower is the largest and one of the most successful developers and owners of utility-scale solar photovoltaic (PV) energy projects in the world. With roots dating back to over a decade, SkyPower's global team possesses a vast track record of over 800 years of combined experience in power and large infrastructure projects. 

The experienced and accomplished SkyPower team has built, assembled and acquired an extensive pipeline of over 25 GW worldwide – 6 GW of which was recently announced in bilateral agreements to be built on the continent of Africa over the next five years in both Egypt and Nigeria. 

Over the past few years alone, SkyPower has secured over two dozen utility-scale solar PV Power Purchase Agreements (PPA) and Contracts, which in aggregate represent well in excess of
US $80 billion worth of long-term renewable energy sales to leading utilities and governments around the world. 

The SkyPower team over the past decade has proudly established long-term strategic partnerships with local, in-country developers. As well, SkyPower has consulted for and advised international leaders and Heads of State in its unprecedented approach to working in unison with these leaders to ensure a brighter future for generations to come. Through its dedicated team members, composed of employees, consultants and advisors working out of 33 international offices, SkyPower develops, finances, owns and operates solar energy projects from the initial stages through commercial operation in more than 60 countries around the world. 

SkyPower prides itself on its established relationships with world leading banks and financial institutions, as well as with its global and local suppliers, and the indigenous peoples and communities who work hand in hand with SkyPower with the shared objective of producing hundreds of millions of kWh of clean electricity each and every year.

SkyPower is majority owned by CIM Group, a U.S. based transformational urban real estate and infrastructure investment firm founded in 1994 with approximately US $19.8 billion in assets under management. www.cimgroup.com

SOURCE SkyPower Services ULC



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